What are the furthest extents that banks are willing to help distressed homeowners in the current market?

I purchased a home nearly 2 years ago with a 100% financing with 2 loans for $ 365K in Northern California. I have a 1st 80% and 2nd 20% from the same lender, both loans closed on the same day, never refi the loans and the 2nd 20% loan is not a HELOC. The properties comparable to my house around my neighborhood now sold for $ 265k-$ 280k so in that respect, I’m very upside down. To make long story short, I’m having difficulties paying my mortgage and here’s my question: If I foreclosed on the property, the bank would lose about $ 80k-$ 100k. If I go with short sale, assuming the bank approves it. It would still only be selling around $ 265k – $ 280k at the most, I’m 90 days late on my mortgage and I realized this might be a good time to negotiate with the bank since I might be able to leverage the current market turmoil situation to renegotiate the terms. What are chances the bank are willing to forgive my 2nd loan, which is at around $ 72k? Please advice, time is running out. Thank you.

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